San Fernando Valley homeowners saw property values plunge 35 percent – a quarter-million dollars on a median-price home – in the year since the credit crisis erupted and foreclosures began flooding the market, a research center said Wednesday.
The median price of a previously owned house tumbled from $650,000 in August 2007 to $420,000 last month, said a new report from the San Fernando Economic Research Center at California State University, Northridge.
The median price in August matched levels last seen in January 2004. “It’s stunning. That’s a huge amount,” said Daniel Blake, the center’s director. “Next month we’ll be back at 2003 prices.”
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